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A survey on blockchain cybersecurity vulnerabilities and possible countermeasures

Author

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  • Huru Hasanova
  • Ui‐jun Baek
  • Mu‐gon Shin
  • Kyunghee Cho
  • Myung‐Sup Kim

Abstract

Blockchain technology has attracted considerable attention owing to its wide range of potential applications. It first appeared as a cryptocurrency, called Bitcoin, but has since been used in many other business and nonbusiness applications. Unlike most existing systems that are based on centralized frameworks, this new technology utilizes peer‐to‐peer networks and distributed systems which includes blockchain registers to store transactions. Its structure is designed as a digital log file and stored as a series of linked groups, called blocks. Each individual block is locked cryptographically with the previous block. Once a block has been added, it cannot be altered. Many security experts speculate that the inherent cryptographic nature of the blockchain system is sufficient to withstand constant hacking and security threats. However, previous studies on the security and privacy of blockchain technology have shown that many applications have fallen victim to successful cyberattacks. Owing to the increasing demand for cryptocurrency and its current security challenges, previous studies have not focused on blockchain technology cybersecurity vulnerabilities extensively. Here, our study extends upon the previous studies on vulnerabilities and investigates the types of potential attacks. Our study then provides further direction to highlight possible countermeasures against blockchain technology vulnerability to cybersecurity.

Suggested Citation

  • Huru Hasanova & Ui‐jun Baek & Mu‐gon Shin & Kyunghee Cho & Myung‐Sup Kim, 2019. "A survey on blockchain cybersecurity vulnerabilities and possible countermeasures," International Journal of Network Management, John Wiley & Sons, vol. 29(2), March.
    • Handle: RePEc:wly:intnem:v:29:y:2019:i:2:n:e2060
    DOI: 10.1002/nem.2060
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    References listed on IDEAS

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    1. Jennifer J. Xu, 2016. "Are blockchains immune to all malicious attacks?," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 2(1), pages 1-9, December.
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    Cited by:

    1. Taab Ahmad Samad & Rohit Sharma & Kunal K Ganguly & Samuel Fosso Wamba & Geetika Jain, 2023. "Enablers to the adoption of blockchain technology in logistics supply chains: evidence from an emerging economy," Annals of Operations Research, Springer, vol. 327(1), pages 251-291, August.
    2. Jean-Guillaume Dumas & Sonia Jimenez-Garces & Florentina Șoiman, 2021. "Risk analyses of the crypto-market: A literature review," Post-Print hal-03112920, HAL.
    3. Jean-Guillaume Dumas & Sonia Jimenez-Garcès & Florentina Șoiman, 2021. "Blockchain technology and crypto-assets market analysis: vulnerabilities and risk assessment," Working Papers hal-03112920, HAL.
    4. Faheem Ahmad Reegu & Hafiza Abas & Yonis Gulzar & Qin Xin & Ali A. Alwan & Abdoh Jabbari & Rahul Ganpatrao Sonkamble & Rudzidatul Akmam Dziyauddin, 2023. "Blockchain-Based Framework for Interoperable Electronic Health Records for an Improved Healthcare System," Sustainability, MDPI, vol. 15(8), pages 1-23, April.
    5. Yao Du & Zehua Wang & Victor C. M. Leung, 2021. "Blockchain-Enabled Edge Intelligence for IoT: Background, Emerging Trends and Open Issues," Future Internet, MDPI, vol. 13(2), pages 1-21, February.
    6. Milunovich, George & Lee, Seung Ah, 2022. "Measuring the impact of digital exchange cyberattacks on Bitcoin Returns," Economics Letters, Elsevier, vol. 221(C).
    7. Say Keat Ooi & Chai Aun Ooi & Jasmine A. L. Yeap & Tok Hao Goh, 2021. "Embracing Bitcoin: users’ perceived security and trust," Quality & Quantity: International Journal of Methodology, Springer, vol. 55(4), pages 1219-1237, August.

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